14 West Hawaii Real Estate | April 27, 2018
NAR, realtor.com® report housing supply and affordability are at odds in markets across U.S.
At the national level, housing
affordability is down from a
year ago and fewer households
can afford the active
inventory of homes currently for sale
on the market based on their income.
That is according to joint research
from the National Association of
Realtors® and realtor.com®, a leading
online real estate destination.
Using data on mortgages, state and
metro area-level income and listings on
realtor.com®, the Realtors® affordability
distribution curve and score is designed
to examine affordability conditions at
different income levels for all active
inventory on the market. A score of
one or higher generally suggests a
market where homes for sale are more
affordable to households in proportion
to their income distribution.
State affordability
According to March data, the states
with the lowest affordability score were
Hawaii (0.52), California (0.57), Oregon
(0.60), and the District of Columbia,
Montana and Rhode Island (all at 0.64).
In these areas, households at the median
income level can afford only 19 to
23 percent of the active housing inventory.
The states with the highest affordability
score were Ohio (1.12), Indiana
(1.09), Kansas (1.09), Iowa (1.07), and
West Virginia (1.05). In these areas, a
typical household can afford 54 to 62
percent of the active housing inventory
currently on the market.
Metro affordability
By looking at the data by metropolitan
statistical area (MSA), more
metro areas experienced weakening
(45) affordability conditions compared
to improving conditions (35) from a
year ago. The markets with the lowest
affordability scores include Los
Angeles-Long Beach, California (0.35),
San Diego-Carlsbad, California (0.37),
San Jose-Sunnyvale, California (0.43),
Oxnard-Thousand
Oaks-Ventura,
California (0.45)
and San Francisco-
Oakland, California
(0.48), where a
typical household
can only afford 3
to 11 percent of
the active housing
inventory.
The Youngstown-
Warren, Ohio-
Pennsylvania
market had the
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